The Business End
PRAGUE’S ECONOMY CURRENTLY
accounts for around a quarter of the country’s overall GDP, but its role as a hub for numerous international companies and associations epitomises the role it plays on a much wider scale.
Shifting from an industrial to a service-oriented economy over the past 20-30 years especially, the modern-day Prague has cleverly evolved to become one of the foremost facilitators and enablers for international business discussion and, as such, much of its work revolves around enhancing its own infrastructure to cater for this selfinflicted demand.
“What’s worth mentioning at the moment is undoubtedly the newly opened Czech Institute of Informatics, Robotics and Cybernetics (CIIRC) established at the Czech Technical University,” the Prague Convention Bureau notes. “Brand new buildings of the Institute were opened in May, 2017 and CIIRC’s mission is to be an internationally recognised research institute contributing to student education and performing technology transfer.
“Prague also introduced its first space incubator, which is the first space-oriented incubator in Central and Eastern Europe. Business Incubation Centre (BIC) Prague was ceremoniously opened in May, 2016 and the objective is to support the use of space technologies in everyday life, thus ensuring support for research, development and innovation and the monetisation of the results thereof.”
Over a five-year period, up to 25 Czech start-ups will be able to explore the possibility of using space technologies for ordinarily life; emphasising the balance that Prague has managed to strike between international attraction and local sustainability.
The Convention Bureau continues: “A good example here is Microsoft, who has a subsidiary in Prague, and has recently opened a new software development centre in the city focused on customer relationship management - in autumn, 2016.
“In November, 2016, Siemens also presented their new Development and Construction Design Centre opened in Prague. The Centre deals with projects in industrial and process automation, industrial communications, intelligent transport systems, power engineering elements and rail automation.”